The bond will be available from Spring 2017 to those aged 16 and over.

Martin Lewis, founder of MoneySavingExpert.com, said: "This new NS&I bond isn’t the Chancellor’s rabbit out of a hat, it’s more of a mouse.

“Unlike its predecessor, the pensioner bond, which allowed people to save up to £10,000 at up to 4 per cent for 3 years, this is £3,000 at a likely 2.2 per cent.

“You’ll be saving for 3 years, so that’s £66 in interest a year (ignoring any compound interest). The current best-paying 3 year fixed deal on the market is 1.62 per cent, so it’s an improvement. But actually, in the private market at the moment, it’s only an improvement of £18 a year.

“Certainly any account that beats the paltry rates of interest that we have currently is to be welcomed, but I don’t see many people whooping.”

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